Make America sleep again

Our obsession with sleep (and shrimp) has gone too far. [Bloomberg]( This is Bloomberg Opinion Today, a sleep-deprived supplier of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - We’re [sleeping less]( while rotting in bed. - Red Lobster’s [shrimp saga]( comes to a head. - [Weight-loss shots]( need more [street cred](. - [Shadow banking]( fills me with dread. So Tired Today This morning, former President Donald Trump [told]( a hallway of court reporters, “We’ll be resting pretty quickly. ‘Resting,’ meaning resting the case. I won’t be resting. I don’t rest! I’d like to rest sometime but I never get to rest.” Although reports of him [sleeping]( during the trial suggest he’s getting a little more R&R than he claims, this is about as relatable as Trump gets. Yet [this survey]( claims Americans are sleeping more than any time in the last 20 years. “The pandemic precipitated a seismic shift in time use for some of us,” F.D. Flam explains. Without the hassle of grooming and commuting, America’s average nightly sleep increased by 10 minutes between 2019 and 2022: But how can that be right, when the [sleep-deprived vibes]( feel stronger than ever? A separate [Gallup poll](, which questioned people more directly on sleep and stress, showed a sudden change not seen in the other survey. “Since the pandemic, people have become less satisfied with the quality and quantity of sleep we’re getting. In 2023, 57% of Americans said they’d feel better if they got more sleep, up from 43% who felt that way back in 2013,” F.D. explains. What’s worse, the percentage of people sleeping five hours or less has popped off in recent years: In the US alone, F.D. says over [50 million people]( have sleep disorders. No wonder there’s a [$500 billion]( industry dedicated to “sleep hacks.” In addition to medicinal sleep aids like [melatonin]( and [Ambien](, there’s specialty “over-the-head” [pillows]( (yours, for [$194](!), [mouth tape]( to reduce snoring, temperature-controlled [mattresses]( and “Sleepy Girl [Mocktails](” — an icy mixture of tart cherry juice and magnesium powder, topped off with your prebiotic soda of choice. But no matter how much money we spend, nothing seems to make a difference. Perhaps the solution is already in bed with you. If you’ve ever been scrolling on TikTok at 2 a.m., only to have your phone fall on your face (me, more often than I care to admit), it’s your screen that’s the problem. Likewise, if you’re obsessed with tracking your every waking (and sleeping) moment on your Oura [sleep ring](, you might want to care less: “Increased use of fitness trackers is also making people aware of sleep problems they never knew they had,” Mathias Basner, a sleep expert at the University of Pennsylvania, told F.D. “Scientists are happy that people are taking the dangers of sleep deprivation seriously — but say we shouldn’t take it so seriously that we lose any sleep over it.” In other words, don’t be [this guy](: Red Lobster’s Shrimpless Summer There’s a popular [theory]( circulating around TikTok called “Shrimp Summer,” and it’s pretty self explanatory: If, at every crossroads, you choose the option with shrimp, it’s going to be the best summer of your life. Before this week, I had no problem with it. Shrimp is always a good idea! But then all that news came out about Red Lobster, and I realized that saying yes to shrimp can cost you $11 million. And force you to file for Chapter 11 bankruptcy. Not to mention the awful press, with headlines like, [Tales From the Trenches of Red Lobster’s Endless Shrimp](: “I had a guy come in with his family … he did 16 rounds of shrimp scampi,” said James Berke, a 23-year-old in New Jersey, who until very recently worked at a Red Lobster … “I just had to watch this man eat plates upon plates of the scampi, which isn’t even served over pasta. It’s shrimp in a garlic-wine butter. It was so gross.” ... Josie, 19, who also asked to be anonymous, worked at a (now-shuttered) Kansas City Red Lobster, where she watched a solo diner take down 30 orders of fried shrimp within four hours. According to the nutritional information on Red Lobster’s website, that’s something like 14,000 calories. “He was a skinny guy too,” Josie said. “I was like, Where is it all going?” Society doesn’t need any more people choosing the option with shrimp! Clearly, we have enough of these freaks already. And they are partially to blame for [the downfall of Red Lobster](. The other party to blame might be Thai Union, the lobster joint’s controlling shareholder. In May 2023, Red Lobster added Unlimited Endless Shrimp to its menu as a permanent fixture, despite [alleged]( pushback from the management team. The meal cost customers $20, a bargain if you’re the guy tossing back 30 orders of fried shrimp. But back to Thai Union: Not only is it a controlling shareholder, it’s also a big supplier for Red Lobster. If that smells fishy to you, Matt Levine [says]( you’re not alone. This time last year, Thai Union reportedly knew the seafood chain was struggling. By all accounts, [its Red Lobster investment](was a complete fail. But instead of, I dunno, trying to save the business like any good shareholder would, it … doubled down on its business as a supplier, by selling Red Lobster boatloads of shrimp. “If Red Lobster paid full price for all those shrimp, that would be profitable for Thai Union as a supplier. And if Red Lobster lost money on every shrimp it bought, that would in theory be bad for Thai Union as a shareholder, but if Thai Union’s shares were worthless anyway, it couldn’t get any worse,” Matt [explains](. “Instead, the money came out of the pocket of Red Lobster’s creditors, who are now looking into whether there was anything amiss in the endless shrimp decision-making.” Having a hot Shrimp Summer doesn’t sound so fun now, does it? Telltale Charts Is weight loss never *not* in the news? Today, Nestlé [announced]( a lineup of frozen food for people on GLP-1 drugs. And yesterday, Hims & Hers — the direct-to-consumer health brand for hair loss, erectile dysfunction and birth control — debuted a $199 weight-loss shot [at an 85% discount]( to Wegovy. John Authers and Richard Abbey [say]( the share price of Hims & Hers surged to the highest since February 2021 — evidence of increased competition for Novo Nordisk and Eli Lilly. “Any new entrant can have a slice of the pie if they can get their product approved quickly enough,” they write. But there’s just one problem with the shot: “Generic” Ozempic or Wegovy [doesn’t exist](. Not yet, anyway. Compounded versions of semaglutide such as this one fall into what Lisa Jarvis [calls]( “a regulatory gray area.” Even if it’s being offered by some pharmacies and weight loss clinics, the FDA can’t guarantee its safety or efficacy. I’ve worked at Bloomberg for over six years, and I’m still not entirely sure what “shadow banking” means. Should I have admitted this to you in a company newsletter? Haha, surely not! But as with everything in life, dear reader, it’s never too late to learn. So if you’re in the same camp as me, not to worry. The Bloomberg editorial board [explains it perfectly](: Shadow banks are “a constellation of less-regulated intermediaries” (think: insurance providers and private investment funds) that are basically doing the jobs of traditional banks, “making trillions of dollars in risky loans and occupying a central role in the economy.” This is bad, obviously. We know that because of [what happened]( with subprime mortgages in 2008. “As of December 2022, banks in the US had lent more than $300 billion to nonbanks and committed another $1.5 trillion in credit lines. Taken together, that’s nearly triple the level of a decade earlier,” the editors write. That’s scary sounding, but it’s not too late for authorities to act. Further Reading Biden ended up treating Morehouse’s [graduation ceremony]( like a campaign stop. — Michael Arceneaux Gen Z should consider [job opportunities]( beyond big, paycheck-busting cities. — Erin Lowry Taiwan’s [new president]( is fighting to preserve the island’s democracy. — Karishma Vaswani May 2024 will be remembered as the month that the [AI safety movement]( died. — Tyler Cowen How do you [stop book bans](? In Minnesota, they’re giving librarians control. — Patricia Lopez If the ICC issues Netanyahu’s [arrest warrant](, the US must show restraint. — Andreas Kluth Everyone in Trump’s orbit now thinks they can act [with impunity](. — Francis Wilkinson Just like the US, China’s [housing market]( varies from city to city. — Shuli Ren The Supreme Court’s [ruling on the CFPB]( saved the Fed, too. — Noah Feldman ICYMI Quarterback Jaden Rashada pursues a [first-of-its-kind lawsuit](. Deadly [air turbulence]( rocked a [Singapore Airlines flight]( from London. With Europe’s help, North Africa is [dumping migrants]( in the desert. Scarlett Johansson is [not at all pleased]( with ChatGPT’s new voice. Kickers “Bromakase” is the [new steakhouse](. [Cold Salad Plate Summer]( > Hot Shrimp Summer. Liquid Death is randomly [giving away]( a fighter jet. The viral [Four Seasons baby]( speaks out (sort of). PSA: Airlines will never give you a [complimentary sweatshirt](. Notes: Please send egg, tuna and chicken salads and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](